Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well … integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no independent … monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We infer …

rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway …

except in the fall of 1991; however, the band lacked credibility within a five-year horizon throughout the period. Denmark … be rejected from 1989 for Norway and as of 1990 for Denmark. The credibility of Sweden’s band within a one-year horizon …

Negative policy interest rates have prevailed for some years in Denmark and are a more recent development in Sweden …